A lot has changed since the onset of the coronavirus pandemic, including home-buying trends. Homes that were once sitting on the market due to their size and location, are now the preferred choice. According to a recent report from realtor.comÂ®, suburban homes are seeing stronger price appreciation, shorter days on market and more views on realtor.comÂ® than in urban areas.
“In one of the most seismic shifts to the U.S. workforce since the introduction of the Internet, many U.S. workers now have the flexibility to work remotely and choose where they want to live,” saidÂ realtor.comÂ®’s Chief Economist,Â Danielle Hale. “Data shows in our post-COVID world there’s a strong preference towards a suburban lifestyle with its bigger houses, backyards and quiet streets. But American cities are not becoming ghost towns anytime soon; in fact they are also seeing an uptick of homebuyers, it’s just not as strong as the surge we’re seeing in the suburbs.”
According to realtor.comÂ®, home price growth in the suburbs has surpassed urban home price growth. For example, suburban prices increased 3.2 percent since the first week of March, while urban areas only increased 2.3 percent. This is also reflected in the median listing price of properties. In suburban areas, the median listing price within the nation’s top 10 largest metros is up 5.2 percent year-over-year, while in urban areas it’s up only by 2.4 percent.
Suburban homes are also selling faster. In the summer months, suburban homes were selling 11.4 percent faster than last year, while urban homes were selling only 8 percent faster.
“Based on the rising popularity of the ‘burbs, some buyers might think they can catch a break by searching in the city, but unfortunately that’s not the case. Rising home prices and fast home sales are everywhere. If you’re a buyer in today’s market, finding and closing on your dream home is not going to be easy,” added Hale.